FICO Monitoring Deficiency

FICO Monitoring Deficiency

I have been a FICO®Quarterly Monitoring subscriber for about 5 years. I just received my quarterly report and noted that a BOA CC I co-signed showed up on the report. Although legitimate, I am concerned I never received a FICO alert regarding this new account. The card was opened on Oct 4th and has been used.I spoke to My FICO about the lack of an alert and was told that since the CC company is now just reporting that they (My Fico) would only now be cognizant of the new CC account and that I would likely receive an alert on this coming Friday when they send out the weekly email I requested. To me this is a flaw in their system. I’m not sure how it can be rectified but this means someone could fraudulently open a new account under my name and use the card for many weeks (+7 in this case) before I would be aware of the new account. Considering canceling my subscription.

Re: FICO Monitoring Deficiency

Sebago wrote:

I have been a FICO®Quarterly Monitoring subscriber for about 5 years. I just received my quarterly report and noted that a BOA CC I co-signed showed up on the report. Although legitimate, I am concerned I never received a FICO alert regarding this new account. The card was opened on Oct 4th and has been used.I spoke to My FICO about the lack of an alert and was told that since the CC company is now just reporting that they (My Fico) would only now be cognizant of the new CC account and that I would likely receive an alert on this coming Friday when they send out the weekly email I requested. To me this is a flaw in their system. I’m not sure how it can be rectified but this means someone could fraudulently open a new account under my name and use the card for many weeks (+7 in this case) before I would be aware of the new account. Considering canceling my subscription.

You won't get an alert until the creditor you opened an account with decides to report it to the CRA. You should get an alert when an inq. was made but only if it was made to the monitored CRA.

I have reestablished credit over the last couple yearsso my moniker is, well, rather out of date.

Re: FICO Monitoring Deficiency

Sebago wrote:

I have been a FICO®Quarterly Monitoring subscriber for about 5 years. I just received my quarterly report and noted that a BOA CC I co-signed showed up on the report. Although legitimate, I am concerned I never received a FICO alert regarding this new account. The card was opened on Oct 4th and has been used.I spoke to My FICO about the lack of an alert and was told that since the CC company is now just reporting that they (My Fico) would only now be cognizant of the new CC account and that I would likely receive an alert on this coming Friday when they send out the weekly email I requested. To me this is a flaw in their system. I’m not sure how it can be rectified but this means someone could fraudulently open a new account under my name and use the card for many weeks (+7 in this case) before I would be aware of the new account. Considering canceling my subscription.

So you plan to cancel your monitoring subscription, and thus not receive any monitoring alerts, because the system alerted you late? In effect you are saying you would rather receive no alert at all than a late alert...

Re: FICO Monitoring Deficiency

Sebago wrote:

I have been a FICO®Quarterly Monitoring subscriber for about 5 years. I just received my quarterly report and noted that a BOA CC I co-signed showed up on the report. Although legitimate, I am concerned I never received a FICO alert regarding this new account. The card was opened on Oct 4th and has been used.I spoke to My FICO about the lack of an alert and was told that since the CC company is now just reporting that they (My Fico) would only now be cognizant of the new CC account and that I would likely receive an alert on this coming Friday when they send out the weekly email I requested. To me this is a flaw in their system. I’m not sure how it can be rectified but this means someone could fraudulently open a new account under my name and use the card for many weeks (+7 in this case) before I would be aware of the new account. Considering canceling my subscription.

Re: FICO Monitoring Deficiency

Thank you for your direction. As I stated, I have had this service for 5+ years and interpreted the following product information (edited for brevity) as real time:

"Protect your identity

Daily monitoring of 400 data sources for new information tied to your identity:

Newly opened accounts and recent applications for new credit"

I didn't realize the long delay between the occurrence and the reporting. The folks at MyFICO noted this is an issue. I'll likely keep my subscription BUT I had a false sense of security before I learned these facts.

Re: FICO Monitoring Deficiency

Their Quarterly Monitoring service has never notified me of new accounts being opened. I do not buy their story of BofA taking their time to report your account. From my experience, BofA reports very quickly. In addition, I have Creditkarma monitor my TU history, and of course it's been showing new accounts as expected.

Re: FICO Monitoring Deficiency

Thank you for your direction. As I stated, I have had this service for 5+ years and interpreted the following product information (edited for brevity) as real time:

"Protect your identity

Daily monitoring of 400 data sources for new information tied to your identity:

Newly opened accounts and recent applications for new credit"

I didn't realize the long delay between the occurrence and the reporting. The folks at MyFICO noted this is an issue. I'll likely keep my subscription BUT I had a false sense of security before I learned these facts.

I use another service for ID issues such as moniering Inqs since that requires looking at all three cras.

It doesn't seem right to state the above and not provide timely Inq alerts.

I have reestablished credit over the last couple yearsso my moniker is, well, rather out of date.

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Many factors affect your FICO Scores and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating.
FTC's website on credit.

IMPORTANT INFORMATION: All FICO® Score products made available on myFICO.com include a FICO® Score 8, along with additional FICO® Score versions. Your lender or insurer may use a different FICO® Score than the versions you receive from myFICO, or another type of credit score altogether. Learn more

FICO, myFICO, Score Watch, The score lenders use, and The Score That Matters are trademarks or registered trademarks of Fair Isaac Corporation. Equifax Credit Report is a trademark of Equifax, Inc. and its affiliated companies. Many factors affect your FICO Score and the interest rates you may receive. Fair Isaac is not a credit repair organization as defined under federal or state law, including the Credit Repair Organizations Act. Fair Isaac does not provide "credit repair" services or advice or assistance regarding "rebuilding" or "improving" your credit record, credit history or credit rating. FTC's website on credit.